The Bundesliga champions have paid £27m plus performance-related add-ons for the talented teenager, who signed a five-year deal this morning.

Manchester United were widely expected to seal a deal after thoroughly scouting the Portuguese international during his breakthrough season.

European football journalist Andy Brassell revealed Benfica president, Luis Filipe Vieira, flew to Manchester to discuss a payment schedule with United chiefs.

10 things you need to know about Renato Sanches

STARSPORT give you the lowdown on reported Manchester United target Renato Sanches.

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Renato Sanches is a midfielder who plays for Benfica

“Renato is a dynamic, combative and technically gifted midfielder”

Karl-Heinz Rummenigge

But Bayern have beaten them to the punch after announcing an official deal via Twitter and their website.

Bayern Chairman chairman, Karl-Heinz Rummenigge, said: "Bayern have been watching Renato Sanches for a long period.

"We’re pleased we’ve been able to sign him despite big-name international competition.

"Renato is dynamic, a good tackler and a technically skilled midfielder who’ll add even more strength to our team."

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DONE DEAL: Renato Sanches has joined Bayern Munich

Deputy chairman Jan-Christian Dreesen added: "The transfer fee for the current international, who was voted the Shooting Star of Portuguese Football in his home country yesterday evening, is €35m (£27m).

"Plus possible bonus payments that could become due if for example the player is named in the World Team of the Year or FIFA World Player of the Year."